A power converter includes: a plurality of power modules that houses semiconductor elements for electric power conversion; a pair of holding plates sandwiching a stacked body of the plurality of power modules in the first direction; a pair of connecting beams that connects the pair of holding plates respectively on both side ends of the stacked body in the second direction intersecting the first direction; and a substrate connected to control terminals of the power modules. At least one of the pair of holding plates is provided with a positioner to position the substrate.